M&A

M&A

Sangamam Power to acquire Karvy Data Management and its units

Economic Times  

The National Company Law Tribunal (NCLT) has approved the resolution plan of Sangamam Power Projects for the acquisition of Hyderabad-headquartered Karvy Data Management Services Ltd (KDMSL) and its subsidiaries. The ruling paves the way for the Corporate Insolvency Resolution Process (CIRP) of KDMSL.Founded in 2008, KDMSL has subsidiaries including Karvy Innotech Ltd (KITL) and Karvy Renewable Energy Projects Ltd (KREPL), which focus on IT infrastructure management and renewable energy projects, such as rooftop solar initiatives.Sangamam Power Projects. led by Katta Sitaram Reddy and Anshuman Modugu Reddy, is primarily into solar, hydro, and wind energy.